HOUSTON — The Praedium Group, a New York-based investment firm, has acquired Discovery at Mandolin Apartments, a 260-unit multifamily asset in Houston. Built in 2009, the property consists of one-, two- and three-bedroom units averaging 972 square feet per unit. Amenities include a pool, fitness center, clubhouse, outdoor grilling area and a dog park. The seller was not disclosed.
GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Villas Central Park, a 249-unit multifamily property located in the Dallas metro of Grand Prairie. Built in 2016, the property features a pool, fitness center, dog park, grilling areas, coffee bar and a game room. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Texas-based Carleton Residential Properties and M.R. Development. The team also procured the buyer, Virginia-based Weinstein Properties, which has since rebranded the asset as Bexley Central Park.
CONROE, TEXAS — Houston-based Hilltop Residential has acquired Landmark of Conroe, a 200-unit multifamily community in Conroe, about 45 miles north of downtown Houston. The property consists of one-, two- and three-bedroom units averaging 1,159 square feet. Amenities include a pool, basketball and tennis courts, picnic areas, fitness center and a clubhouse. Cortney Cole and Jett Lucia of HFF arranged a seven-year acquisition loan with a fixed interest rate of 4.57 percent for the transaction.
HOUSTON — LMI Capital has arranged two loans totaling $17.3 million in the greater Houston area. In the first transaction, Brandon Brown of LMI Capital arranged a $10.6 million fixed-rate permanent loan for a 150-unit multifamily complex in north Houston. In the second deal, Jamie Safier of LMI Capital placed a $6.7 million fixed-rate acquisition loan for a 140-unit complex in the Spring Branch submarket. The names of the properties were not disclosed.
ALLEN, TEXAS — WatchGuard Video, a provider of video systems for law enforcement, has opened its new, 140,000-square-foot corporate office in Allen, a northeastern suburb of Dallas. Designed by Texas-based GFF Inc., the two-story property can accommodate approximately 500 employees and offers amenities such as a fitness center, racquetball court, recreation room and an in-house medical clinic for employees. Adolfson & Peterson handled construction of the building, which began in April.
FARMERS BRANCH, TEXAS — Greysteel has negotiated the sale of Villa Gardens, a 142-unit multifamily property in the Dallas metro of Farmers Branch. The property features studio, one-, two- and three-bedroom units. Amenities include a pool, playground and on-site laundry facilities. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel represented the seller and procured the buyer, both of whom requested anonymity.
IRVING, TEXAS — JED Industrial, the holding company for Thermal Edge, which provides electric cooling solutions, has acquired a 101,500-square-foot industrial asset located at 1800 Hurd Drive in Irving. Nathan Denton and Stephen Williamson of Lee & Associates represented the seller, BD Land Co., in the transaction. Trace Elrod of Jackson Cooksey represented JED Industrial. Thermal Edge will be the actual occupant of the space, with plans to move in by late 2018 and be operational by the beginning of 2019.
DALLAS, ALLEN AND FRISCO, TEXAS — SHOP Cos. has brokered the sale of three retail properties totaling 48,736 square feet in the Dallas area. The sold properties include the 12,153-square-foot Stacy Plaza in Allen; the 5,083-square-foot Sprint & Castle Spa in Frisco; and a 3,500-square-foot, single-tenant property in Dallas. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the four different sellers in each transaction. All three buyers are based in Texas.
HOUSTON — Evoqua Water Technologies, a Pittsburgh-based water treatment company, has signed a 107,000-square-foot industrial lease expansion at 15414 International Plaza Drive in Houston. The property was built in 1999 and features 24-foot clear heights, 22 dock-high doors and 16,000 square feet of office space. Evoqua previously occupied about 45,000 square feet within the park but will consolidate three Houston-area locations into its expanded space by the fourth quarter. David Buescher and Geoff Perrott of JLL represented Evoqua in the lease negotiations. Logan Greer and Rives Nolen of InSite Realty represented the landlord, EastGroup Properties.
Any commuter who takes Interstate 35 on a regular basis can tell that the Fort Worth industrial market is continuously growing. But the question is, how much longer will the growth last? Numerous signs point to the metro’s industrial market having considerably more runway for new development, as well as key factors in place to maintain strong positive absorption of existing industrial space. These factors include continuous and regular population growth, a low cost of living, strong labor force and an exceptional availability of developable land. Historically, Fort Worth’s industrial growth has always lagged that of Dallas. But times are changing. Just four years ago, there were very few national developers taking space and setting up operations in Fort Worth, but now major firms can’t seem to get here fast enough. To be sure, the state’s soft regulatory environment and tax-friendly structure have always helped lure businesses to Fort Worth as much as they have to Dallas, which usually gets the big-name relocations. But the speed at which Fort Worth is catching up to its big brother is real, and the industrial market may embody it better than any other sector. One construction-based statistic captures this trend above others: There …
